Colorado head coach Deion Sanders was asked what he would change about college football. His answer: "Financial literacy classes should be mandatory so these kids understand how to manage their money." (🎥 via DNVR)
Financial literacy should start in high school and more detailed, as well as more nuanced, as these young men matriculate to college. But I do love how the sport has not put the student athlete in charge of his own fate. As a former college athlete, I can only imagine how much more freedom the new guys have to navigate and create their own path than we did. And that was less than 15 years ago. I personally think most, not all, of these student athletes love the consequences of deciding to chase money or chase opportunities to bet on yourself and work towards a bigger payday further down the road.
For what it’s worth, Colorado Athletics and most other schools, does have a financial literacy program. I’m not sure they can make anything mandatory anymore because every time they create a rule it leads to a lawsuit. But, resources are there for the kids even though this bite sounds like there isn’t. https://cubuffs.com/sports/2021/7/1/buffs-with-a-brand
This and more regulation for NIL/Transfer deals. The game has gone from who develops/recruits the best to who has the most money to spend. I’m for players making money and understand it’s a business, but season after season players just turn into a free agency auction and development/community feel is lost.
SPOT ON!
I teach Sports Law and also Corporate Finance (and also Corporations) and too many JDs also need financial literacy help. My colleague and I have done a number of informal seminars for our law school students to help them learn how to invest, manage their money/debt and have a better comfort level with finance.
University of Colorado Boulder could pay anyone on this app to fly out and hold this course for the whole team, for the whole athletic department, for far less than a scorboard upgrade.
I'll teach them for free!
In addition to speech communication classes. Therefore, these young men and women can know how to speak on camera/ to the media and not feel intimidated or uncomfortable and know how to address soft and hard questions. Most athletes hate the media but when you are highly perceived as good or great. It comes with the territory. Which, often leads to large endorsement and/or contract deals (financial literacy). So, both go hand and hand.
Start that in high school and make sure avoiding credit card debt is lesson 1.
Vermont Guy | Coffee Obsessor | Cycling Nerd
5dLet's make that a High School course. Imagine the number of kids who would have avoided the oceans of student debt they are swimming in if they had understood basic terms and their long-term impacts.